GIC, Singapore’s sovereign wealth fund, joins Lime Rock New Energy to invest in Qmerit, a leader in electrification and green energy transformation.
As countries and corporations all over the globe make firm commitments to reduce carbon emissions, new capital appears to help support the rapidly evolving landscape. Qmerit is among the few pioneers in the industry with a proven track record of change leadership, specifically in electric vehicle (EV) @Home Charging for fleets and consumers.
Since its spin-off from Fortune 500’s ABM in 2016, Qmerit’s network has facilitated the installation of tens of thousands of EV @Home Charging stations across North America. The company’s outstanding technology platform and business model for the electrification of residential, multi-family and small business markets were already recognized with an earlier investment from Lime Rock New Energy and Schneider Electric.
“We’re thrilled to bring GIC into this investment as our partner, and we look forward to working together with the GIC and Qmerit teams to execute the business plan to make Qmerit an important part of the electrification of transportation across the U.S. and Canada,” said Mark McCall, Managing Director of Lime Rock New Energy.
As a long-term investor, GIC looks to accelerate the transition towards a low-carbon world by actively supporting companies in their energy transition plans and technology that will enable this shift. GIC’s investment is a testament to Qmerit’s track record of continued growth, strong management team, and expertise in electrification. For Qmerit, this investment serves as a validation of the strategy and maturity of the company as a market and technology leader within the industry.
“We are honored that a global leading institutional investor would see value in what we are bringing to the EV and broader electrification marketplace. Having GIC join us in our ambition to help create a zero-carbon future allows Qmerit to scale in sync with this once nascent industry as it becomes mainstream,” adds Tracy K. Price, Chairman and CEO of Qmerit.
GIC will have a seat on the Qmerit Board of Directors alongside the most recent appointee – Annette Clayton, the CEO of Schneider Electric’s North American Operations.
Qmerit, headquartered in Irvine, California, simplifies the adoption of electrification products for residential and small business markets. A leader in the green energy transformation, the company provides value-driven services throughout the renewable energy equipment implementation lifecycle. This is delivered through Qmerit’s network of company-owned contractors, independent Certified Solutions Partners and Certified Installers, who are skilled in system implementation and integration as well as ongoing support and maintenance. Combining this nationwide network of certified electrical contractors with the company’s purpose-built digital managed services platform and white-glove concierge services, Qmerit delivers customers an unmatched quality experience related to electric vehicle charging stations, battery storage systems, solar system integration and microgrid solutions.
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,700 people across 10 offices in key financial cities worldwide.
About Lime Rock New Energy
Lime Rock New Energy is a provider of growth equity for the new energy industry. Based in Westport, Connecticut, the Lime Rock New Energy team has been deploying capital since 2019 primarily in three sectors: renewable power products and services; energy efficiency; and the electrification of transportation.